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Peso flat as PSEi dips

Rising domestic cases of coronavirus disease 2019 (Covid-19) and implementation of unified curfew hours in Metro Manila partly resulted in the negative close of the local main equities index yesterday but the peso ended sideways.

The Philippine Stock Exchange index (PSEi) slipped by 2.62 percent, or 176.09 points, to 6,552.46 points.

This was mirrored by the other indexes, with the All Shares down by 2.70 percent, or 109.71 points, to 3,949.87 points.

The Mining and Oil index posted the highest drop at 3.66 percent and was followed by the Services, 3.01 percent; Holding Firms and Property, both with 2.86 percent; Financials, 2.55 percent; and Industrial, 2.18 percent.

Volume totaled 5.56 billion shares amounting to PHP9.23 billion.

Losers led gainers at 28 to 207, while 32 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, said investors stayed at the sidelines following the start on Monday of the two-week unified curfew hours of between 10 p.m. to 5 a.m. in Metro Manila.

The curfew hours, along with liquor bans in Quezon City and Parañaque City and granular lockdowns in several cities, are being implemented following the rise of Covid-19 cases in the National Capital Region (NCR), among other areas.

Limlingan said investors also took note of optimism for the continued reopening in the US and other developed economies.

Meanwhile, the peso managed to remain afloat against the greenback after closing the day’s trade at 48.54 from 48.455 Friday last week.

It opened the day at 48.46 and traded between 48.55 and 48.43. Average level for the day stood at 48.493.

Volume totaled to USD798.55 million, lower than the previous session’s USD913.73 million.*PNA

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